After another bumper year in FX, volumes inevitably came off in December. Average daily spot volumes on Icap’s EBS platform fell 16%, compared with December 2007, to $126.2 billion. However, over the course of the year, average daily volumes rose 18% to $214.5 billion. Meanwhile, The CME has reported that an average of 624,000 FX contracts changed hands each day, up 10% on 2007. In notional terms, this equated to $85 billion.